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  "documentTitle": "Outerbridge Comtech Presentation November 2021",
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  "notes": "Uses a quote from the CEO-elect to establish the baseline for the contradiction.",
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      "text": "Why did the Board undercut its own perceived undervaluation of the stock during negotiations? Why now?",
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      "text": "No premium — similar convertible transactions often carry conversion premiums of between 20% and 50% to market prices; and\nExcessive cost of capital — the 6.5% coupon rate is almost 3x the most recently reported cash borrowing rate of 2.4%",
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      "text": "— Mike Porcelain\nCOO and CEO-elect, Comtech\nSingular Research Summer Solstice, June 24, 2021",
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      "text": "How exactly did the Board serve the interest of common shareholders by agreeing to such an egregious financing arrangement that features:",
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      "text": "Months earlier, when the stock price was trading between $23 and $27, Management expressed publicly its view that the stock was undervalued.",
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      "text": "I think the one thing we all agree on is that the stock is undervalued and should be trading in the $40s.",
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